Page 17 - Startups In India

Startups to attract large foreign direct investments in 2023: DPIIT Secy

The country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs, a top government official has said. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally. Number of recognized startups is increasing significantly, the Fund of Funds for Startups (FFS) and Startup India Seed Fund Scheme are doing good. Startups too will attract significant FDI in 2023, Jain told PTI. Presently, India has one of the most liberalized FDI policies wherein very few sectors require government approval, he said. The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on ...

Indian startups witness 38% decline in total funding in 2022: Reports

India added fewer unicorns this year, as the number of companies that gained billion-dollar valuations fell by half from a year earlier

Why does WeWork India CEO think his firm is just scratching the surface?

Co-working giant WeWork is striving to gain a foothold in big Indian cities. Business Standard's Surajeet Das Gupta caught up with Karan Virwani, founder and CEO of WeWork, India, to know more

Legal tech start-ups have raised $57 mn in funding since 2013: Report

Indian sector has more than 650 firms and is valued at $1.3 bn to be second biggest in the world

MeitY, Google to help 100 Indian startups scale their app business

The Ministry of Electronics and Information Technology (MeitY) Startup Hub and Google announce they will help 100 more Indian startups with the second edition of Appscale Academy

Success rate of startups in India higher than rest of world: Goyal

The success rate of startups in India is relatively higher than the rest of the world and there were 84,012 recognised startups in the country at the end of November, Union minister Piyush Goyal said on Wednesday. To boost the startup ecosystem, the government launched the Startup India initiative on January 16, 2016, and an action plan was also put in place. "Startups are prone to failures is a very high probability. Though I must say, the success rate of startups in India is relatively higher than the rest of the world...," the minister told the Lok Sabha during the Question Hour. The number of recognised startups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the minister said. The Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle. The Startup India Seed Fund Scheme has been approved for four years starting from 2021-22 a

Indian startups see huge 35% drop in funding, edtech among worst performers

As the funding winter deepens amid growing layoffs, India saw a massive 35 per cent drop in funding this year, from $37.2 billion in 2021 to $24.7 billion (till November in 2022)

Govt recognises 84,102 entities as startups as on Nov 30: MoS Commerce

The government has recognised as many as 84,102 entities as startups as on November 30 this year, Parliament was informed on Wednesday. These startups are eligible for availing host of incentives, including income tax benefits under the Startup India scheme, launched in January 2016. Under this initiative, entities are recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT). "As on 30th November 2022, 84,102 entities have been recognised as startups by DPIIT," Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. He said recognised startups are spread across 56 sectors, including agriculture, biotechnology and chemicals. Startup India was launched by the government on January 16, 2016. Under Startup India, to provide capital at various stages of business cycle of a startup, the government has implemented Fund of Funds and Startup India Seed Fund schemes. In a separate reply, Parkash said as on Nov

Fintech firm Enkash claims three-fold growth in valuation since March

Start-up that helps businesses manage their payments says it will not seek more funding this financial year

Govt mulls exempting early-stage startups from data bill provisions

The government is mulling exempting early stage startups from complying with norms under proposed Digital Personal Data Protection bill, an official source said. The exemption may be for a limited period to assist startups in developing their business models and to ensure that innovation is not stifled due to compliance burden. "Meity (Ministry of Electronics and Information Technology) is mulling to improve upon the bill to exempt early stage startups from the provisions of DPDP (Digital Personal Data Protection) bill. "This may be for a limited time period in cases where they may be doing some kind of data modelling etc to develop their solution," the source, who did not wish to be named, said. The draft DPDP has proposed exemption only for government notified data fiduciaries and data processing entities when it comes to data collection, data sharing, giving information around data processing etc. Last week, Minister of State for Electronics and IT Rajeev Chandrasekhar had sai

India most favoured destination globally for investments: Jagdeep Dhankhar

India is growing at a faster pace and it has become the most preferred destination for investments and opportunities in the world, Vice President Jagdeep Dhankhar said on Monday. Recently, India has surpassed its colonial masters and has become the fifth-largest economy in the world, he said. The Vice President also exuded confidence that India will become the third-largest economy on the global horizon by the end of the decade. "India is on the rise as never before. The rise of India is unstoppable, and we are the most favoured destination globally for investments and opportunities," he said here at the National Handicrafts Award ceremony. The handicraft sector holds a huge potential for growth, particularly in the rural and semi-urban areas, he noted. Dhankhar also suggested that professionals from IITs and IIMs can help the industry in promoting its growth and branding of products. Branding is key to fetch good prices, he said, adding it is only the handicraft sector where hug

Work to combat climate change, boost millet production: FM urges startups

Union Finance Minister Nirmala Sitharaman on Saturday appealed to startups to touch upon less glamorous areas including climate change, millet production and improving the condition of farmers. Addressing a national level summit to promote startups, Sitharaman emphasised more on climate change and asked the startups to find a solution to combat it as that will have a bearing on the agriculture pattern in the country. "Of course defence production, renewable energy, nuclear, satellites, space technologies, they are all there. You have already touched upon those areas. I am asking you to touch upon some of those less glamorous areas as well," Sitharaman told the gathering here. "My appeal is, more and more innovations coming from the startups for dealing with climate and climate change is going to be absolutely precious," the Finance Minister said. She asked the startups to work towards improving conditions of farmers, urban dwellers and give a solution through millets for healthy ..

Race for space: Funding for space start-ups skyrockets 61 per cent in 2022

Funding to private players soars to $108.52 million compared to $67.2 million in 2021

Indian startups must brace for a long funding winter: Flipkart CEO

The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", warned Flipkart CEO Kalyan Krishnamurthy

Only 11% investment in deep tech start-ups, need more seed funding: NASSCOM

India's deep tech startups need higher seed and early stage funding to grow faster as only 11 per cent of technology-related funds reach this ecosystem as of now, National Association of Software and Services Companies (NASSCOM) president Debjani Ghosh said on Friday. Deep tech or deep technology startups are enterprises that work in the area of emerging technologies like artificial intelligence (AI), robotics, quantum, blockchain, Internet of Things (IoT), drones and augmented reality (AR). Speaking at a workshop on 'Startups and Entrepreneurship: Vision India@2047', organised by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce, Ghosh pointed out that of the total 25,000-plus tech startups in the country, only 3,000 are related to deep tech that account for only 12 per cent. India has some excellent deep tech startups working across the entire range of emerging technologies, but only 11 per cent of total technology-related funding i

Start-up meltdown continues as pre-IPO investors look to sell stake

Paytm shares go down 10 per cent after SoftBank pares holding; Delhivery, PolicyBazaar under pressure

Alternative fuel start-up Buyofuel raises Rs 11.5 cr in series A funding

The funds raised will be put towards expanding the company's services across geographies, development of product offerings as well as technology

EV start-up Chargeup raises $7 million in pre-series A1 funding round

The EV market in India is expected to grow aggressively from 2 million to 80 million vehicles by 2030 as per government estimates

About 100 start-ups registered with Isro, says Chairman S Somanath

Chairperson of Indian Space Research Organisation (ISRO) S Somanath on Thursday said about 100 start-ups were registered with the space agency. Addressing a plenary session here at the Bengaluru Tech Summit 2022 on R&D of India Innovation for Global Impact,' he said ISRO has signed memoranda of understanding with companies to work closely, which include hand-holding in space technology and building processes from start to finish. He said a number of companies have the potential to become big players in the space sector and ISRO was playing as a facilitator and helping in building technologies. He said out of the 100 start-ups at least 10 were working on developing satellites and rockets. Somanath announced that Chandrayaan-3 mission would be in orbit in a few months and that ISRO was working with NASA. India needs a thriving space sector, the ISRO chairman said adding the country was looking at how to expand the sector in the days to come. We have to work on cutting-edge ...

BharatX to invest Rs 122 cr in indigenous start-ups over next 18 months

Startup accelerator BharatX will invest USD 15 million (about Rs 122 crore) over the next 18 months in the Indian startup ecosystem, the firm said on Thursday. A joint venture between India Accelerator and think-tank Council for International Economic Understanding (CIEU), BharatX will invest Rs 1-5 crore in each startup during the first edition of the accelerator programme. "The number of startups in India rose from 471 in 2016 to 72,993 by June 2022, which is fuelling the Indian tech wave. To build a Swadeshi Startup Ecosystem in India, BharatX announces to inject USD 15 million over the period of 18 months to build and scale nationwide," BharatX said in a statement. The swadeshi startup ecosystem in India has been developing with the growth of emerging technologies, young talent and infrastructure to support them. And BharatX works as a growth enabler to support that ecosystem, the statement said. "With India becoming the third largest startup ecosystem in the world, ...